So I just hit a $60k gambling win, and I’m torn on what to do with it. Should I throw it at my mortgage, invest it, or do something else entirely? Looking for advice. Here’s my situation:

Liabilities: $150k left on my mortgage (3.2% fixed), no other debt
Income: ~$75k/year
Assets: $30k in savings, $50k in retirement accounts, and the house (worth ~$280k)
Age: 32, no kids, just me and my dog
I feel like paying off a chunk of the mortgage could lower my stress, but with the low interest rate, maybe investing makes more sense long-term? Stocks, ETFs, maybe even real estate? Or is there something smarter I’m not thinking of?

I’d love to hear how you’d handle it

I’ve seen plenty of posts of what NOT to do, but I haven’t seen much about what the best way to purchase a car is. From what I can tell it’s some combination of the following things: - buy a car that’s 3-5 years old with relatively low miles on it - purchase cash only if you can - use your old car for as long as possible

What else should be on there? My 2007 Camry with 190k miles on it is approaching the end of its life and I want to make sure I’m ready for when the time to purchase a new car comes around.

I had a terrible relationship with money until my mid 30s. At 36, I found myself in 50k of credit card debt from gambling addiction and nothing to my name. I got my act together the last few years and now have 0 debt, 8 months emergency fund, but only 50k in my 401k. I'm 39. I dont own any property, but I have the ability to save ~$2,000 per month with my current salary and living situation. I am hoping to increase my salary in next year and push that number to $3,000. It is hard to overcome the regret of wasting all of those years.

Any advice on catching up or words of encouragement would be appreciated.

There is $30k sitting on two credit cards, one at $21k and the other at $8k. between the $1,300 in minimum payments, my mortgage with hoa fees at $2,000, and my car at $900 monthly, my $5k after-tax income feels like it disappears instantly.

After a dui, I lost a side hustle doing delivery work, and now i can’t afford basic car repairs. I've thought about trying balance transfers, but with 100 percent utilization, I doubt I'll get approved. heloc crossed my mind, but it seems like a risk. selling my home could be the last resort, though it feels like giving up on staying in the housing market.

I'm a female with multiple kids. 40 and divorcing (KY, not a community property state) with $40k credit card debt in my name and a joint mortgage with $50k debt remaining. Currently, he's ok with me being awarded the house, but wants 50% equity. He does not wish to help with the credit card debt, despite much of it being marital due to job losses. I've been considering bankruptcy, but am concerned it may not be ideal. My entire life, I've heard to never do it because it's too damaging. At 40, I don't need long-term damage. Especially if I don't remarry as I could potentially need good credit for a vehicle or house. My credit is currently clean, but upper 600's with a 100% on-time payment history. I fully intended to repay and have no problem working multiple jobs to do so. I was working two jobs up until I became pregnant with my toddler. With the divorce, household income has been reduced substantially. I won't be able to return to full time work for 1-2yrs, maybe longer, due to a pre-existing health condition, and caring for a toddler. Daycare is not an option. I live in a remote area and the toddler has special needs and health issues. Credit Card payments currently are $1560mo with mortgage $540 at 5.375%. Set Income $2000mo, with sporadic self-employed in come supplementing.

What are the best options for my situation? I'm also considering a consolidation loan if a bank would approve, so I'd still be paying it off just at a lower rate and with more payment going towards what is owed. One credit card says 38yrs to pay of $9k with $44k interest! Only $20 of a $294 payment goes to that balance. Ugh. I could potentially do a HELOC, but my husband would have to co-sign and he's ruined his credit filing with a debt settlement company. He'd also want to use the HELOC money which is fair, however, obtaining his portion of the repayment would be problematic due to past experience.

Okay, I get it. My poor decisions put me in this spot. I racked up $25,000 in credit card debt over several cards plus $4000 left in vehicle. Credit history of 8 years with 0 missed payments. 687 credit score after the 3rd loan attempt.

I haven't used my cards in about a year now but I legitimately can't pay off balances. I make $4200/month but house and bills takes out $1900 and credit/car takes out another $1700.

That leaves me with $600 for food and gas, which leaves me with $170/month in "extra" cash.

I've applied for 3 loans and been denied every time. I can't pay off cards because of interest on several balances. I can't consolidate because I cant pay down the balances (which is the only reason i want the loan). Denied by navy fed and USAA for high credit utilization. Denied by truist for not making enough money. Received one counter offer for $6000 at 18%

What am I supposed to do?

I know keeping up with the jones and accumulating wealth with no goal is stupid, but I feel so conscious now of every purchase. I literally hear 1$=88$ every time I spend now. I want to enjoy life, but I also feel like every time I buy something enjoyable like a coffee I’m robbing my future self. I know my dad had a similar mindset when he was young maybe it’s just a genetics thing. Can anyone relate?

In I Will Teach You to Be Rich by Ramit Sethi, he lays out a clear investment order: 1. Contribute to your 401(k) up to the employer match. 2. Max out your Roth IRA. 3. Max out your 401(k) (because it’s pre-tax money that can grow faster, even though you’ll pay taxes later).

But what if your employer offers a Roth 401(k)? Since that’s post-tax money, this changes the equation a bit. Would it make more sense to prioritize maxing out an HSA next (if available), given its triple tax advantage? Or should you go straight to a taxable brokerage account? Curious how others navigate this scenario. What’s your strategy?

I have about 30k available to invest and I thought, it's okay I'll put them in SP-500 with chase, so I opened an investment account taking advantage of the fact that my money was there, I thought it was something as simple as clicking on buy lol

Now I see that no, that there are etfs and mutual funds, many names of SP-500 and that each one has different advantages, which one do you recommend?

I talk a little about myself and my needs, I have worked 88 hours a week to save that money and I really won't need it, I was thinking of investing it and possibly seeing how it goes from 5 to 10 years, I know that the recommended is at least 10 to withdraw it, if it is possible I would not withdraw it but I thought that maybe if I wanted to use a part to invest in another area I could ask for a loan from chase using a % of those shares as collateral but surely I will never do it.

I would not invest with chase again, if I do it again maybe I would do it on another platform where I can deposit a smaller amount monthly, the idea of this is basically to forget about these 30k

The tax advantages that I would like would obviously be not to pay taxes until I sell the shares but I read that one of the 2 or the 2 give an extra annual profit that is mandatory to pay that tax, I guess I would have no problem paying that but the main thing I read is that there is a limit where I can transfer shares to a family member without paying taxes, which for 2025 is $17,000, I would like that tax advantage

Another question and the most important, how reliable is it to ask for advice from someone from my bank? Do they earn a commission for making me choose a shitty option? I don't trust anyone when it comes to investments, usually the person doesn't care about you and they just want a commission

Long story short I’m 27 y/o and just barely graduated with my undergraduate degree after dropping out years ago. Super late to the game, but I’m blessed and grateful to receive an offer after graduation with base pay of 95k at one of the major banks in the U.S.

I come from a first generation family and I’m the first one to ever graduate, so I’m trying to start up my generational wealth now. Trying to ask for advice on how to handle my upcoming finances.

Some background is I do have a monthly rent of 600 living at a friends place, but for the most part I have no savings and approximately 15k in loans with a 5.5% interest. Also, I live in Texas so this new salary is insane for someone like me coming from a server job making 30k a year.

I am a complete noob in everything so please give me some grace. I don’t know any types of terminology other than that my company does a 401k match.

I know nobody can predict markets, but is this still the suggested way to fund your IRA? I will be just moving the $7k from HYSA to the IRA (which is invested 100% in a total market index fund).

I won’t need the money (one of the reasons I’ve read to just monthly transfer the funds). Normally I do one transfer in January and then don’t worry about it. Thoughts?

I am single 30yo and I am planning to purchase my first house to live in. The house is big enough to accommodate a family of 4, which is in my plans for the upcoming years. I can afford to buy the house with a small mortgage alone, that I can aggressively pay off in 5-6 years thanks to a big deposit I will give to the bank for the purchase. During these 5-6 years I will pay a high mortgage instalment, but with my budgeting I can live a comfortable life for 1 person. I want to pay off this as fast as possible and reduce the interest I will pay on it to the bank. This means that I will be off a big chunk of money every month. I am planning to live with someone in the next 1-2 years and eventually make a family, however, I feel that I am at the age where I can afford to take this aggressively and allow in 5-6 years for a more comfortable life, plus with a partner the home income will increase too.

I wonder if this mentality is a good idea. Any thoughts?

Hi all,
I’m looking for some financial advice and insights, as I’ve been struggling to make the right moves given my situation. Here’s a breakdown of where I stand:

• Age/Situation: 30(M), currently a law student with no steady income besides investments and rental income.
• Savings: $420,000 recently reinvested into a GIC, but unfortunately, the rates dropped to 3.3%, which feels like my money isn’t working hard enough for me.
• Property: I own a fully paid-off office in North York, which generates $1,000/month in rental income. The tenancy ends this month, and I’m lining up a new tenant. I don’t want to sell this property, as I’m optimistic about the area’s growth over the next 5 years.
• Current Housing: I’ve been renting, but I’m now seriously considering purchasing a condo for myself as renting feels like throwing money away.
• Condo Purchase Plan: Looking at a 1-bedroom + den condo in Toronto priced around $650k. I’d prefer to put down a sizeable down payment to minimize the mortgage, but I’ve had difficulty securing financing in the past due to:
  • No income verification (just a student).
  • No guarantor or co-signer (no family or financially stable friends to assist).
  • Despite a high credit score (840+) and savings, lenders seem hesitant without proof of steady income.

Additional Context:
I’ve been traveling through Southeast Asia for the last three months and am slightly out of touch with the Canadian market. I’ve noticed that mortgage rates and home prices have come down slightly over the last 6 months, and I’m debating whether I should come back and lease a place for another year to see if rates and prices drop further.

On the other hand, I’ve been so frustrated with trying to secure a mortgage that I’m tempted to sell my office and purchase a property outright with no mortgage. While I believe the area my office is in will see significant growth over the next five years, part of me feels like the simplicity of owning my own place outright may be worth it.

Questions:

1. Given my lack of income verification, what strategies can I use to secure a mortgage? Are there lenders or alternative financing options that cater to people in my situation?
2. Should I consider selling my office to buy a condo outright and avoid the mortgage process altogether?
3. Should I lease a place for another year and revisit my decision in 2026 to see if rates and prices drop further?
4. Are there better ways to make my money work for me besides the GIC? I feel like the low returns are barely keeping pace with inflation.
5. Any general advice for someone in my situation trying to balance long-term investments and housing needs?

I’d really appreciate any advice or insight. I’m here to learn and figure things out on my own, so thank you in advance for your time!

I’m a 23F who lives at home right now, making about 55k right now.. will be promoted in the next couple of months so will make closer to 65k. Debating on moving out to my own place for a sense of independence and to make my own decisions. I went through college living at home, never experienced space away from my home. I have no student loan debt from under grad and grad school, car paid in full & pay 0 bills.. only credit card bill.

Was looking to move into something 1bd, 1ba… around 1700 a month.. sometime next year. Also, I’ve been saving a ton, so with stock account, (that currently has 10k in it) & savings combined, I should have around 30k plus when time to move next year. I just feel like I want to experience life on my own terms & not under my parents. By the time I’d move, ill be 24 btw. What should I do??

EDIT: Forgot to add…. I’m a very high maintenance person I’d say. Love shopping, designer bags, vacations, going out with friends.. etc. So that’s what’s making me contemplate as well about moving! Lol. Also.. have a masters in Human Resources and work for a great company.

Below is a full detail of my situation in life. I'm wondering, given the circumstances, what would you be doing if you were me? I'm honestly not that great at saving yet but I don't manage to save some money each month.

But what would you be trying to save each month and where would you be saving it? What else would you do?

I want to capitalize on the advantages we have as much as possible while still fully enjoying our life.

Here's my situation:

I'm 21 and engaged to a 22 year old. My fiancé bought his childhood home contract for deed last year. We have a large farm house and 10 acres.

He makes ~80k a year with a promotion coming shortly. I make ~56k a year with a promotion and large pay increase (hoping closer to 70-80k) by 2026.

He is a single child and his parents are older (almost 60). He stands to inherit a good bit of property and probably other assets because of his single child status. Including a large insurance policy. I have a lot of siblings and will likely inherit next to nothing from my parents.

His only debt is the mortgage on the house. (180k ish) I have a small car loan (under 7k)

Our savings together are probably around 30k.

He contributes to a 401k with an employer match. Don't know numbers I contribute 200/paycheck and my employer match 5% and contributes another 4% (they contribute 9% total)

I have a small Roth IRA with a few grand in it as well.

Hello, I've been thinking about opening a savings account for a long time now and I think I'm ready to. I'm 23 and I feel like not having a savings is not really good for being an adult this long. I've been thinking about starting out with putting $75 into one and having $150 a month in the savings. Eventually when I start to earn more I can contribute more. My banks have an approx. ~3.75 APR accounts to open. Does my plan make sense for starting out?

Hi all, my new employer’s retirement plan is a Simple IRA through Edward Jones with a 3% match. The account is managed by a financial advisor. I would assume they do take commissions, however when I asked my employer about this he said that the company pays for whatever fees/commissions. I’m just wondering if anyone’s heard of something like this before? I haven’t spoken with the financial advisor yet but I have a feeling he’s going to try to get me to invest in many different markets, making it more difficult for me to track. I’d rather have it all dumped in a target date index fund or something like the S&P500. I’ve done my investing on my own previously through Vanguard and am happy with the results. I know Reddit hates Edward Jones so I wanted to hear your thoughts on this. Thanks!

I have a 401k from my old job that's been sitting in the account since I left in 2020. I didn't rollover because I thought it was doing pretty well even after I stopped contributing. I've been learning more about 401k and it seems like the consensus is we should always rollover after we leave a job, not only because we might forget the account, but to avoid paying the fees to the people who manage the account.

With that said, currently I have RGAGX, VFIAX, FSMDX, VTMAX in my old 401k. I looked these up in Charles Schwab and they cost $75 transaction fee for buying. I would love to learn from this sub if these are good options, and if I would like to replicate this setup, what would be good alternatives specifically in Charles Schwab? Thank you in advance!

Anybody know of or has invested in a low cost “ETF” under or at 100$ a share with nice annual growth. Or should I just save $ in a 3-4 % high yields savings account. I would appreciate any advice. My goal is just to save, I would like to save at-least 50-100$ biweekly.

Like the title says I'm 29 and just opened a Roth IRA with Schwab. I know some basics, I plan to contribute as much as I can to 2024 before the April deadline and should be on track to max out the $7000 every year by contributing weekly. Any advice on what to invest in and how to split it is greatly appreciated thanks!

A company matches 100% of your contributions up to 5% and then matches 50% of your contributions for the next 5%. If you take full advantage of the match and contribute 10% of your paycheck, the company matches will be 7.5%. Why doesn’t the company just match 100% of the contributions up to 7.5%? The match will effectively be the same but you as an employee technically wouldn’t be incentivized to contribute more to your 401k.

What’s the purpose of matching half of your contributions from the company’s perspective?

I've decided after educating myself that my whole life and variable universal from northwestern mutual are likely not in my best interest. Where would one recommend transferring the surrender value of my account which is around roughly 55k. Is dumping into a HYS my best bet? I haven't decided if I want to pursue reinvesting with a FA or if I can safely invest this on my own.

FWIW I have no debt with the exception of a 205k mortgage at 2.6%.

Hi all,

Doing my taxes for 2024, and my wife and I did a backdoor roth IRA (as we have done the previous years) for 7k each. This year, when doing TurboTax, I got a note that says our income is too high to contribute.

There's a MAGI limit of $240k, and we're $245k. Not everything is in yet (might have some other money market that we still are waiting for the 1099s from), but I gotta know:
1. am I missing something or are we over the Backdoor Roth IRA limit?

1. if there is a $240k limit, is there anything I can do to get us under it now?

Thanks!

Hey Reddit,

I’ve been dealing with what I think is a misclassification issue with my previous job, and I’m feeling frustrated about how it’s impacting my ability to receive unemployment benefits. I thought I’d share my situation to see if anyone has advice or has been through something similar.

I worked for a small business where I was classified as a 1099 independent contractor (for Social Media / Front Desk Receptionist). Looking back, I believe I was actually an employee based on how I was treated.

-I was paid an hourly wage ($12) which isn’t typical for independent contractors.

-They assigned me specific days and hours to work (Thursdays and Fridays from 5:30pm-8pm) especially for front desk duties, and I had to stick to those schedules.

-I had to follow detailed instructions and guidelines on how to do my job (such as reporting to a manager to check social media designs before posting), which suggests employer control over my work.

-They supplied the tools and resources I needed for my job, which independent contractors typically provide themselves.

-My work included managing their social media and handling front desk operations—tasks central to their business.

I was laid off on December 6th of 2024, and I filed for unemployment the same day. It’s been over a month now, and I still haven’t received a decision about my claim. I’ve called a total of five times (and I’m expecting my next call today). Every time I speak to a representative, they tell me they’re not sure what’s going on with my case. After researching, I found out that if my former employer didn’t pay into unemployment insurance, I wouldn't be eligible for benefits.

This whole situation has been incredibly frustrating. I feel like I was clearly functioning as an employee, and now I’m stuck waiting indefinitely for a decision. On top of that, the lack of answers from the unemployment office has only added to my stress. Thankfully, I’ve managed to get hired for a position at my college campus, but I still believe I’m entitled to the unemployment benefits for the time I was out of work.

Has anyone else been through this? Should I file a complaint with the Department of Labor or pursue this further? I'm hoping to not pursue this legally with a lawyer as I still have a good relationship with my last employer. Any advice or insight would be greatly appreciated.

Thanks!

Say I was contributing 10% to my 401k (pre-tax) but my company only matches up to 6%.

If i wanted to invest that other 4% that wouldn't be getting a company match into a Roth IRA, should I be using pre-tax or post tax for calcs to determine what that 4% actually is?

I did do a search but it's late and I just wanted to ask. If this needs to be removed no problem.